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Tories’ £1m inheritance tax giveaway aimed at wealthier households

 

http://www.theguardian.com/money/2015/mar/16/tories-1m-inheritance-tax-giveaway-sensitive-papers-wealthier-households

 

 

 

this should help to lock in wealth for the same folk for generations to come,  the £1 billion this bribe will cost would pay for a lot of meals on wheels for our most vulnerable old folk.

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Yet more myopia and dogma from Gov;  those "vulnerable old folk" will be even more vulnerable in the future, having been allowed to cash in and blow their pension pots; making them totally reliant on State benefits, that's if there are any State benefits in the future ! 

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Errm, as I've posted similar topics before, so I'd agree with your post (gasps from the audience !);  I was merely pointing out how the Tories are compounding their dogma driven widening of the wealth gap, by encouraging future pensioners to blow their pensions, making them even more benefit dependent in a future, where benefits and elderly care will be extremely curtailed. 

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I can't wait to buy my Ferrari from my pension pot :)

 

Mind you, I've never agreed with someone having to sell off all their house that they worked for and paid for all of their lives to pay for their elderly care while those who may have chosen to rent all their lives would automatically get it for nothing

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Baz, that has nothing to do with inheritance tax though has it?

 

and neither has meals on wheels..... I was merely pointing out my objections to having to sell property to fund elderly care which in a way is an inverse of inheritance tax. The wealthier pay for it and the poorer don't

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Who has to sell houses for health care?  Most people found a way to dodge that even when it was in force.  I never likened inheritance tax to meals on wheels simply pointed out that a billion quid would pay for a lot of them.

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Presume he meant elderly care (homes); which I think could be avoided if a house was sold 7 years prior.  According to the news the Tories have "mooted" the idea of a relaxation in inheritance tax on properties worth £1 million or less. It's not Gov policy (yet) and would appear in the Tory manifesto for May. Some folk might consider £1million for a property in London as being a fairly average price; hence the concern of even Labour London MPs on Labour's idea for a Mansion Tax.  All that's required at the end of the day imo, is a review of rate bandings.

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Inheritance tax and the Mansion tax and indeed council tax are all different.  My view on inheritance tax is that everything else gets taxed, why not people inheriting a load more money?  The wealth is already locked in to the estate so a bit of tax seems fair to me.  Reducing it is bad, getting rid altogether would be just scandalous.

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but with inheritance tax it is a tax on tax in a lot of cases.... it doesn't just cover property, it covers everything in a deceased estate. So if someone has worked all his life and saved £200,000 from his wages he has already paid income tax.

If he has a Ferrari in the garage that has already been taxed (20% VAT when it was bought plus road tax and fuel tax etc) 

 

Most people only associate inheritance tax with how much someones house is worth and the fact they may have bought it for £100,000 and its now worth £2million.... Tax has probably already been paid on the rest of the estate

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